United Spirits (UNITDSPR) Q1 24/25 earnings summary

Executive summary

• Achieved steady Q1 FY25 performance with 8.3% sales value growth year-over-year, despite a soft demand environment and inflationary pressures.

• Consolidated revenue from operations for Q1 FY25 was ₹6,238 crore, up from ₹5,808 crore in Q1 FY24.

• Premiumization remains a core strategy, with new launches and renovations across upper prestige, mid-prestige, and luxury segments showing positive consumer response.

• Strategic minority investments in emerging craft and non-alcoholic beverage brands to build future growth engines.

• Consolidated net profit for Q1 FY25 stood at ₹485 crore, compared to ₹477 crore in Q1 FY24.

Financial highlights

• Net sales value (NSV) grew 8.3% year-over-year; PNA segment grew 10.1%.

• Standalone revenue from operations for Q1 FY25 was ₹5,829 crore, up 9.7% year-over-year.

• Gross profit for the quarter was INR 1,046 crore, with a gross margin of 44.5%.

• EBITDA reached INR 458 crore, up 18.9% year-over-year; EBITDA margin at 19.5%.

• PAT stood at INR 299 crore, with a PAT margin of 12.7%.

Outlook and guidance

• Full-year double-digit growth guidance reaffirmed, with first half expected below double digits and second half above.

• Margin trajectory expected to remain stable, with some moderation in gross margin as trade spends normalize.

• Management continues to focus on rationalization of non-core assets and expects regulatory approvals for ongoing divestments and liquidations.

• Continued focus on premiumization, innovation, and renovation to drive growth.